Yearly Archives: 2020

A Message from Solutions360 about COVID-19

Posted on March 23, 2020 in Blog ,Industry Discussion by

I hope this message finds you, your loved ones and your employees well. This past week has presented many challenges to our businesses and families as we all look to adapt our lifestyles to the realities we face today. The changing landscape of the current health and economic climates are forcing many into uncharted territory as it pertains to how we run our businesses. At Solutions360, the health and wellness of our employees, their families and our business partners is our number one priority. Fortunately, […]

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Don’t Be a Cash-Blind Owner Part 1: Days Sales Outstanding

Posted on March 16, 2020 in Blog by

During my decades-long career as a CFO, I’ve had the great pleasure of knowing and interacting with many superbly talented entrepreneurs. Unfortunately, some of these remarkable individuals are also what I call “cash-blind owners.” This “disorder” describes otherwise-savvy business owners who are totally oblivious to the monthly cash activity of their business. Because many owners in the construction trades evolve from being tradesmen, this disorder occurs with a greater frequency within our industry. Individuals suffering from this disorder typically hound their CFOs for monthly income […]

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Close the Profitability Loop in Your Job Costing Process

Posted on January 6, 2020 in Blog ,Business Process Improvement ,Increase Project Profitability ,Q360 by

Job costing is one of the most complicated issues that Solutions360 has seen in the integration industry. Solutions360 has worked with more than 200 integrators, and fewer than 10 percent were satisfied with their job costing process, prior to implementing Q360. Often there was no job costing process in place, so estimates were based on gut feel. And many integrators were not fully burdening costs. All of this contributes to a lack of visibility into the accuracy of an estimate. In today’s competitive environment, as […]

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Who Owns the Estimating Process – Sales or Operations?

Posted on November 25, 2019 in Blog ,Business Process Improvement ,Q360 by

Who should be responsible for the estimating process? One of the issues that Solutions360 often addresses with customers is the estimating process. Today, our own Tofiq Indawala, is joined by Steve Riley, of Navigate Management Consulting, to discuss who should be responsible for the estimate. “This is a conversation I always have with customers during implementation,” Indawala reports. In terms of process management, who should be creating the estimate, and who should be creating the engineered solution? “We often see sales reps that have experience […]

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Yes, Your Customers Want AV-as-a-Service!

Posted on November 11, 2019 in Achieve Business Growth ,Blog ,Solutions360 by

We have been talking a lot lately about the benefits of embracing the AV-as-a-Service business model. But, this is not a new concept, it is just fairly new to the AV space. “Customers are already consuming other technology that way, because it’s being sold like that by vendors in other technology verticals,” says Chad Sowers, Director of Business Development for GreatAmerica Financial Services. “Now, customers are starting to expect the same from AV, and that’s where GreatAmerica comes in. We can essentially be your bank […]

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Revenue Recognition Basics with Brad Dempsey

Posted on October 21, 2019 in Blog ,Improve Financial Management ,Solutions360 by

Revenue recognition standards determine both how much and when revenue is recognized on the income statement…so that’s a big deal. The new revenue recognition rules came into effect for non-public companies for fiscal years beginning after December 15, 2018. So this is still a fairly new topic for integrators, and we receive lots of questions about best practices for implementing the new standards. The standard eliminates the transaction, and industry-specific revenue recognition guidance, and replaces it with a principle based approach for determining revenue recognition. […]

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Would You Rather Increase Revenue, or Reduce Costs?

Posted on October 15, 2019 in Around the Web ,Blog by

It takes about $100 of revenue to add $10 of profit, but it only takes $10 of cost savings to add $10 of profit. So, would you rather increase revenue, or reduce costs? Sales Executives generally think their role is to generate revenue, and they are mostly, but not entirely, correct. They can also make a serious contribution to cost containment if they pay attention to it. The problem is, sales rarely gives enough thought to what happens to a project once they hand it […]

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